Cryptocurrency wallets are an essential tool for any crypto investor. A wallet will allow you to safely store your crypto and utilize it in decentralized applications such as NFT marketplaces.

In this article, we will be focusing on Solana, as we’ve compiled a list of the best Solana wallets that are available in 2023. All the wallets featured in this article are non-custodial. This means that the user has the responsibility to securely back up their private keys and protect them from unauthorized access.

The best Solana wallets in 2023

Now, let’s check out the best Solana wallets in 2023. We’ve tried to highlight a diverse range of wallets to provide options for all kinds of crypto enthusiasts. Whether you’re just a passive HODLer or an active participant on the blockchain, you’ll be able to find a Solana wallet that’s right for you.

• Ledger Nano S — Best hardware wallet for Solana
• NGRAVE ZERO — Best Ledger alternative for SOL holders
• Phantom — Best Solana software wallet overall
• Solflare — Best Solana wallet for safety
• Trust Wallet — Best Solana wallet with multi-currency support
• XDEFI Wallet — Best Solana wallet for DeFi fans
• Squads — Best Solana multisig wallet

Ledger Nano S — Best hardware wallet for Solana

Ledger Nano S is a hardware cryptocurrency wallet that provides secure private key storage and a wide range of supported cryptocurrencies. This of course also includes Solana, and the Ledger Nano S is overall the best option for users that want to store their SOL securely.

Please note that the Ledger Nano S and its associated Ledger Live software currently don’t offer direct support for SPL tokens issued on the Solana network, and only support SOL at the moment. However, you can connect your Ledger Nano S to a wallet like Solflare and use it to manage your SPL tokens securely.

Why did we choose Ledger Nano S?

The Ledger Nano S is a very affordable device that will drastically improve the security of your crypto holdings. If you plan to hold SOL over the long term, a Solana hardware wallet like the Ledger Nano S would be a very wise purchase. Ledger has been leading the hardware crypto wallet sector for several years now, and regularly releases updates to improve security.

The Ledger Nano S is relatively easy and quick to set up, and the wallet’s Ledger Live software provides a convenient way to check the growth of your crypto portfolio and transact with your coins securely.

Ledger Nano S pros:

• High level of security
• Supports many other cryptocurrencies in addition to SOL
• Affordable price

Ledger Nano S cons:

• Doesn’t natively support SPL standard tokens on Solana
• User experience is slightly less convenient than software wallets

NGRAVE ZERO — Best Ledger alternative for SOL holders

The NGRAVE ZERO is a high-end hardware cryptocurrency wallet with advanced security features. In contrast to most other hardware crypto wallets, the NGRAVE ZERO has a large touchscreen which makes the user experience smoother. The large screen is also used to display QR codes used to sign transactions, as the device itself is completely air-gapped with no access to any connectivity, not even USB.

In addition, the NGRAVE ZERO has an operating system with the EAL7 security certification, and also features a biometric sensor for additional security.

Why did we choose NGRAVE ZERO?

The NGRAVE ZERO is a very secure option for storing SOL, and is worth considering for users who have a significant investment in Solana. When combined with a secure physical backup, the NGRAVE ZERO is one of the safest ways of storing Solana, short of using the services of professional cryptocurrency custody firms.

NGRAVE ZERO pros:

• Extremely high security
• More user-friendly design than other hardware wallets
• Supports a solid selection of cryptocurrencies

NGRAVE ZERO cons:

• Relatively high price
• Less convenient than a software wallet

Phantom — Best Solana software wallet overall

Phantom is the most popular wallet that was specifically designed for Solana (it’s currently being expanded to Ethereum and Polygon as well). Phantom is available either as a mobile app on iOS and Android, or as a browser extension in Chrome, Firefox and other popular browsers.

Phantom provides native support for SOL, SPL tokens, as well as Solana-based non-fungible tokens (NFTs). The wallet also makes it convenient to earn additional SOL through staking.

The Phantom wallet also supports Ledger hardware wallets, so you can connect your Ledger device to phantom and securely transact with SOL and other Solana-based crypto assets.

Why did we choose Phantom?

Phantom was designed specifically for Solana, which is reflected in the wallet’s seamless user experience. Phantom provides a very convenient way to store and transact with Solana-based cryptocurrencies, and also makes it easy to access Solana’s ecosystem of decentralized applications. It also has a built-in token swapping functionality so users can trade between different Solana-based tokens directly from their wallet.

In addition, Phantom supports SOL staking, which is something that practically all long-term Solana investors will be interested in.

Phantom pros:

• A wallet designed for Solana
• Available as a browser extension or mobile app
• Seamless user experience
• Support for Ledger hardware wallets

Phantom cons:

• Currently only supports Solana
• Less secure than hardware wallets

Solflare — Best Solana wallet for safety

Similarly to Phantom, Solflare is also a wallet that was designed specifically for Solana. It offers the full suite of functionality one would expect from a Solana wallet, including support for SOL, SPL tokens and NFTs, SOL staking, and access to decentralized applications. So, if you’re looking to trade on Solana NFT marketplaces, Solflare is a solid option for you.

Solflare implements unique security features, which can help users from falling victim to phishing or signing malicious transactions. Another unique aspect of Solflare is that users have access to direct customer support, which is very rare among non-custodial cryptocurrency wallets.

Solflare is available as a browser extension for Chrome, or as a mobile app for both iOS and Android.

Why did we choose Solflare?

The most impressive aspect of Solflare is the wallet’s security features. For example, Solflare will alert users when they’re accessing a website that has been tagged as potentially malicious.

The wallet also offers a transaction simulation feature, which tells the user what will happen after the transaction is executed. This helps protect users from interacting with malicious contracts that are designed to steal funds.

Beyond the security features, Solflare is also just a solid all-purpose SOL wallet that provides practically all the features one would expect.

Solflare pros:

• Useful security features
• Available as a browser extension or mobile app
• Support for Ledger hardware wallets

Solflare cons:

• Only supports Solana-based crypto assets
• Less secure than hardware wallets

Trust Wallet — Best Solana wallet with multi-currency support

Trust Wallet is a cryptocurrency wallet that supports a very large number of cryptocurrencies, including Solana. Overall, the Trust Wallet app supports coins and token across 65 different blockchain platforms. The wallet can of course also be used to store NFTs.

Trust Wallet was initially launched as a mobile app, but is now also available as a browser extension. In addition to the core wallet functionality, Trust Wallet also gives users access to a range of services, including credit card crypto purchases, token swaps, a DApp browser, and more.

Why did we choose Trust Wallet?

Trust Wallet is one of the popular cryptocurrency wallets on the market, and has a solid track record. It also packs more features than most other crypto wallets, as it can also be used to swap between tokens or buy cryptocurrency with a credit or debit card.

Overall, Trust Wallet is the best choice for users that hold many different cryptocurrencies and want to manage them in one place instead of using multiple wallets. If you also hold other cryptocurrencies in addition to Solana, Trust Wallet is definitely worth checking out.

Trust Wallet pros:

• Supports many different cryptocurrencies
• Offers credit and debit card purchases
• Ledger hardware wallet support

Trust Wallet cons:

• Less secure than hardware wallets
• Not designed specifically for Solana

XDEFI Wallet — Best Solana wallet for DeFi fans

XDEFI Wallet is a strong option for users that hold many different cryptocurrencies, as it supports over 15 different blockchain platforms. The XDEFI Wallet is designed for DeFi enthusiasts and NFT collectors, but it can of course also be used to simply store SOL.

Notably, XDEFI Wallet features cross-chain token swapping functionality, making it easy for users to swap between different coins and tokens directly from their wallet.

However, it’s worth keeping in mind that XDEFI wallet is currently only available as a browser extension. So, if you’re primarily using your mobile device to transact with crypto, consider other options.

Why did we choose XDEFI Wallet?

XDEFI Wallet is a great choice for users that hold many different cryptocurrencies, and provides a smooth user experience. It’s implemented as a browser extension, which is already a familiar experience for many cryptocurrency users.

XDEFI Wallet is best suited for users that like to access DeFi opportunities on different blockchains and regularly swap tokens between blockchains.

XDEFI Wallet pros:

• Supports many different blockchain networks
• Specialized for DeFi users
• Straightforward user experience

XDEFI Wallet cons:

• Less secure than a hardware wallet
• Currently not available as a mobile app

Squads — Best Solana multisig wallet

Squads is a unique multisignature wallet for Solana. A multisignature wallet requires multiple signatures for a transaction to be approved. This is useful for use cases like treasuries and DAOs, where approval from multiple parties is required before funds can be spent. Squads supports token swaps, SOL staking, batch payments, and other useful features.

Why did we choose Squads?

While Squads isn’t designed for regular Solana users, we think it’s still worth highlighting because it offers advanced features that can’t be found in most other wallets. The Squads wallet can be a great option for development teams, DAOs and others building on the Solana blockchain.

The Squads smart contract has been formally verified and completed multiple independent audits. In addition, Squads was written with the Anchor development framework, which helps developers create more secure Solana programs.

Squads pros:

• Multisig wallet for Solana
• Great for DAOs and other teams
• Transaction builder functionality for customized transactions

Squads cons:

• Not designed for regular Solana users
• Only supports the Solana blockchain

​​​In the list above, we featured both software Solana wallets and hardware Solana wallets. Let’s quickly explain the difference between these two types of wallets.

Software Solana wallets

Software Solana wallets include browser extension wallets, mobile wallets and desktop wallets. These are “hot wallets”, since the private keys are stored on a device that’s connected to the internet. Hot wallets are convenient to use, but come with more security risks as they are vulnerable to online attacks.

Hardware Solana wallets

Hardware cryptocurrency wallets are devices that securely store the private keys necessary for transacting with cryptocurrencies. These are “cold wallets”, as the devices are not connected to the internet. Even though you have to connect your hardware wallet to your computer or mobile phone to make transactions, the hardware wallet only signs transactions, but doesn’t disclose the private keys to the connected device.

However, there are also downsides to hardware wallets. You have to buy a physical device, and they’re also less convenient to use than software wallets.

The bottom line—What’s the best wallet for Solana?

If you’re investing in Solana and need a wallet, there’s a wealth of options for you to explore. In this article, we have featured 7 high-quality Solana wallets for all kinds of cryptocurrency users.

The choice of the best Solana wallet for you will depend on various factors. For example, if you just need a wallet for Solana, you can’t go wrong with Phantom or Solflare. On the other hand, a wallet like Trust Wallet will serve you better if you want to hold other cryptocurrencies as well. For users that put a lot of value on security, it’s definitely worth considering hardware Solana wallets like the Ledger Nano S.

If you’re interested in learning more about Solana, check out our article on Solana’s chances of recovering from its 2022 crash.

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